IMF or European Subordination
And the answer, in my opinion, is IMF. Either way it is going to be costly in terms of market sentiment against Greece and higher risk premia. But the political costs of getting a loan directly from France or Germany are not only subordination to that country, in addition, they will likely include commitments from Greece to purchase overpriced military equipment from them and show them preferential treatment in procurement. Simon Johnson of MIT makes a different point that “by approaching the IMF, Greece will get a better deal from the European Union” (read his article on The Huffington Post).
May 7, 2010 update: read the following related article in Kathimerini (in Greek).
May 10, 2010 update: read the following related article in Ethnos (in Greek).